Morgan Stanley's valuation on Pacific Century CyberWorks remained unchanged at a range of HK$2.70 to HK$3.10 per share. The sum-of-parts valuation does not incorporate any value from CyberWorks' business-to-consumer business. This was incorrectly reported in SCMP Business yesterday. An article in the SCMP yesterday also described Winnie Yu as the former chief executive of Commercial Radio. In fact, Ms Yu retains her position and is director and chief executive of Commercial Radio.